As part of its commitment to diversity and inclusion, Pacific Gas & Electric Company (PG&E) employed four diverse-owned investment banks to help manage an offering of $750 million of 10-year and 30-year senior notes that closed successfully on June 14.
CastleOak Securities, an African-American owned investment bank headquartered in New York City, was one of four joint lead managers on the deal. The co-managers included African-American owned The Williams Capital Group in New York City; Hispanic-owned Great Pacific Securities in Southern California, and African-American owned Kota Global Securities in San Francisco. In total, PG&E paid more than $1 million to the diverse investment banks to help execute this transaction, the most fees it has ever paid to diverse banks on a single transaction.
PG&E has been committed to diversity and inclusion for more than three decades. Its supplier diversity program has provided thousands of diverse businesses with opportunities to deliver products to PG&E. In 2012, PG&E spent more than $2 billion with diverse suppliers — a record high for the company — accounting for 38.8 percent of its total procurement budget.
For more information, visit www.pge.com/supplierdiversity.
